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This book provides a detailed overview of various parameters/factors involved in inventory analysis. It especially focuses on the assessment and modeling of basic inventory parameters, namely demand, procurement cost, cycle time, ordering cost, inventory carrying cost, inventory stock, stock out level, and stock out cost. In the context of economic lot size, it provides equations related to the optimum values. It also discusses why the optimum lot size and optimum total relevant cost are considered to be key decision variables, and uses numerous examples to explain each of these inventory parameters separately. Lastly, it provides detailed information on parameter estimation for different sectors/products. Written in a simple and lucid style, it offers a valuable resource for a broad readership, especially Master of Business Administration (MBA) students.
List of contents
Introduction.- Demand.- Ordering cost.- Inventory carrying cost.- Procurement cost.- Cycle time.- Stock out.
About the author
Dr. Sanjay Sharma is a Professor at National Institute of Industrial Engineering (NITIE), Mumbai. As an operations and supply chain management educator and researcher, he has three decades of experience including industrial, managerial, teaching/training, consultancy and research, and has a number of awards and honors to his credit. He has published three books and papers in various journals such as the European Journal of Operational Research, International Journal of Production Economics, Computers and Operations Research, and International Journal of Advanced Manufacturing Technology. He also serves as a reviewer for several international journals and on the editorial board of various journals including the International Journal of Logistics Management.
Summary
This book provides a detailed overview of various parameters/factors involved in inventory analysis. It especially focuses on the assessment and modeling of basic inventory parameters, namely demand, procurement cost, cycle time, ordering cost, inventory carrying cost, inventory stock, stock out level, and stock out cost. In the context of economic lot size, it provides equations related to the optimum values. It also discusses why the optimum lot size and optimum total relevant cost are considered to be key decision variables, and uses numerous examples to explain each of these inventory parameters separately. Lastly, it provides detailed information on parameter estimation for different sectors/products. Written in a simple and lucid style, it offers a valuable resource for a broad readership, especially Master of Business Administration (MBA) students.
